English rendering of PM’s address during inauguration of Global Fintech Fest (GFF) 2026 in Mumbai
Prime Minister Narendra Modi addressed the Global Fintech Fest (GFF) 2026 in Mumbai, highlighting India's robust economic growth at 7.8 percent from April to June and an upgraded Japanese credit rating. He celebrated UPI completing 10 years with over 2,400 crore transactions in August, its presence in 11 countries, and outlined future goals including cross-border payment integration and expanding beyond payments into credit, insurance, savings, and pensions.
Why It Matters
This is relevant for competitive exams tracking India's economic indicators, digital public infrastructure milestones, and major government events like the Global Fintech Fest 2026.
In Simple Words
Prime Minister Narendra Modi spoke at the Global Fintech Fest 2026 in Mumbai, praising India's strong economic growth and recent credit rating upgrades. He highlighted the phenomenal rise of UPI, which recently completed 10 years and now records billions of monthly transactions across 11 countries.
Looking ahead, the Prime Minister urged the fintech sector to move beyond simple payments and expand into credit, insurance, savings, and pensions. He emphasized the success of schemes like PM SVANidhi—extended until 2030—and called for stronger cybersecurity, ethical data standards, and consumer protection indices.
Key Points
- India grew at 7.8 percent in the quarter from April to June.
- A Japanese credit rating agency recently upgraded India's sovereign ratings to the A category after three decades.
- UPI completed 10 years on August 25.
- In the month of August alone, more than 2,400 crore transactions were conducted through UPI.
- India's UPI is currently live in 11 countries.
- PM SVANidhi scheme has been decided to be extended until 2030.
- Emerging technologies mentioned include Agentic AI, tokenization, and quantum.
- Four suggestions proposed for the industry: top-notch cybersecurity, ethical data protection standards, a strong regulator-industry innovation ecosystem, and a fintech consumer protection index.
Exam Angle
A. 11 countries
Source: Press Information Bureau